New Delhi, April 15, 2024 : TraqCheck, an enterprise software company founded with a mission to empower the world with data, has raised an investment from Caret Capital and Peyush Bansal’s family office Culture Cap at a $9 million valuation. The company’s background verification product is disrupting the traditional verification market in India and currently facilitates background verifications for over 200 large corporate clients such as Bajaj Capital, Cholamandalam Finance, Reliance Retail, Samvardhana Motherson, Yatra, and many others. The firm has been highly profitable since its inception and is focused on maintaining profitability while capturing a significant portion of the global market share in the employment verification industry by expanding into foreign markets within the next 2-4 years.
Established with a clear mission to empower individuals and companies with their own data, TraqCheck is dedicated to facilitating data-driven decisions for personal growth and assisting companies in incisive decision making. Committed to cultivating a positive work environment and fostering a strong community, TraqCheck focuses on leveraging cutting-edge AI technologies to advance the field of background verification.
From the outset, our mission has been clear: to empower individuals and companies through their data. TraqCheck remains committed to this goal by facilitating the utilization of personal data for individual advancement and aiding companies in making informed hiring decisions. This commitment fosters an optimal workplace culture and community. We remain focused on advancing and implementing new AI technologies to drive innovation in the background verification industry by enhancing hiring speed, cost efficiency and accuracy. Dedicated to empowering individuals and companies with their own data, we are excited to welcome Pankaj Bansal, Prajakt Raut from Caret Capital, and Peyush Bansal’s family office, Culture Cap, as partners on the TraqCheck journey,” stated Armaan Mehta, Jaibir Nihal Singh, and Rishabh Jain, the founders of TraqCheck.
Prajakt Raut and Pankaj Bansal, Co-founders and Managing Partners of Caret Capital, expressed their optimism about TraqCheck’s future “There are significant tailwinds for TraqCheck’s value proposition. As the industry transitions to a gig workforce and on-demand human resources (e.g. in logistics, deliveries, etc.), there will be a significantly higher demand for instant background verification services. Traditional background verification companies cannot do instant / fast verification, which companies like TraqCheck using AI can do, additionally providing the much needed identity solutions for the corporate world.”
The background check industry in India is valued at $1 billion, and globally, it’s estimated to be worth $15 billion. Despite its traditional reliance on manual processes, current market players often use outdated technology and heavily depend on human input. TraqCheck is revolutionizing the sector by providing rapid and efficient verification through cutting-edge machine learning and AI algorithms.
“We are confident that we will emerge as one of the leading software companies built from India for the world , establishing a global presence and making a significant impact on the lives of millions of individuals and businesses.” Stated Jaibir Nihal Singh and Armaan Mehta, the founders of TraqCheck.
